Real Estate Newsmakers

Saturday

Oct 27, 2012 at 12:01 AM

Weichert, REALTORS - Neves & Cashman Realty would like to introduce one of our newest: Brandon Biaterana. Brandon is a resident of New Bedford and familiar with the surrounding areas. His integrity, patience and dedication are some of the strengths Brandon puts behind his work. A recent graduate of Clark University, Brandon feels that, although he is young, he will work as if it were his own money and finances on the line. Whether you are buying your first home, downsizing, buying your dream home or anything in between, Brandon will work hard to help you through every step of the process. He can be reached at 774-930-2558.

Weichert, REALTORS - Neves & Cashman Realty would like to introduce one of our newest: Brandon Biaterana. Brandon is a resident of New Bedford and familiar with the surrounding areas. His integrity, patience and dedication are some of the strengths Brandon puts behind his work. A recent graduate of Clark University, Brandon feels that, although he is young, he will work as if it were his own money and finances on the line. Whether you are buying your first home, downsizing, buying your dream home or anything in between, Brandon will work hard to help you through every step of the process. He can be reached at 774-930-2558.

Another great addition the Dartmouth office is Mario Pereira. Mario joined the office in the spring and has been consistently working with his clients to help them realize all of their real estate goals. He is a hard worker, intelligent and professional. In his spare time, Mario enjoys spending time with family and friends and he also volunteers for the American Cancer Society and other organizations. Mario is never too busy for your call or referral. He can be reached at 508-951-6600. Mario fala Portugues.

WITH CFPB MORTGAGE PROPOSAL

While generally supporting the Consumer Financial Protection Bureau's (CFPB) new proposals aimed at simplifying the mortgage application process and protecting consumers, the Massachusetts Association of Buyer Agents (MABA) has gone on record criticizing the bureau's new proposal on mortgage disclosures — the so-called "Know Before You Owe" proposal.

"In and of itself, changing the disclosures will do little to help consumers looking to comparison shop prior to locking in a mortgage," said MABA's board of directors. "The fact of the matter is that unless buyers can get information on loan costs, such as interest rates, monthly payments, and closing costs earlier in the transaction process, it's all for naught because there is rarely enough time to shop for a better deal the way things are currently set up." According to the CFPB, this was one of the primary drivers for overhauling the mortgage disclosures — that is, to make shopping for a mortgage easier and more efficient.

The board's statement continues: "As things now stand, lenders can't provide a good faith estimate of loan costs until they have an application in hand, which means there needs to be a property with an accepted offer or purchase and sale agreement. In order to give buyers time to comparison shop, that needs to change, as does the timeline for mortgage contingencies — typically made tight to protect the seller's interest. Consumers need more information sooner in order to effectively shop for a loan. In short, they need to be able to get disclosures in a meaningful way — at a meaningful time. There needs to be a way to get a buyer a binding good faith estimate earlier in the process — perhaps based on certain conditions, such as a single-family up to a certain price and/or a certain credit score range."

The MABA board also weighed in on two other CFPB proposals — one pertaining to loan origination fees, the other designed to prevent mortgage servicer mistakes. Here, the MABA board was more supportive of the CFPB's efforts to bring clarity to the mortgage marketplace and prevent the kind of abuses that contributed to the 2008 financial crisis, though it did offer some additional criticisms — and recommendations.

A key element of the new loan origination rules requires lenders to offer a no point, no fee option. According to the CFPB this, again, is being done to help consumers to mortgage shop. However; as the MABA board sees it, the real issue here is that many consumers don't understand how loans are really structured and, thus, have a hard time making comparisons. "Consumer-friendly lenders can easily calculate the costs of any product to include a no point, no closing cost option. Some do it all the time. The problem is that most consumers don't understand how mortgage pricing works. By helping with mortgage pricing, a good buyer's agent can add value to the process."

Regarding the proposed new rules on mortgage servicers, the board said: "Fundamentally, these rules are designed to protect homeowners from surprises and costly servicer mistakes. It's a good step in the right direction. One question not answered, though, is what happens if the lender does not follow the correct steps and forecloses on a homeowner." The board recommends that there be a requirement that lenders present proof that all procedures were properly followed in a timely manner before they would be able to complete a foreclosure. "The bottom line: none of these rules will work unless there are timelines attached to them and penalties or incentives that will get the lenders to follow them."

A spitting rain and a brisk wind off the Plymouth waterfront didn't stop hundreds of people from turning out for the sixth-annual South Shore Walk to End Alzheimer's.

As in past years, a group of Jack Conway Realtors was among those who raised funds for Alzheimer's care, support and research by participating in the event. Conway walkers raised $3,483 for the cause with a matching donation coming from the Jack Conway Company.

"It was a great event as always with so much spirit, joy and tears," said team captain Dawn Stevens, director of Conway Relocation. "The weather was dreary but the atmosphere was not. Many of us walked for family members who have been affected by this horrible disease, and we knew that taking a walk in the rain was nothing compared to the challenges these people face on a daily basis."

Nancy Schiavone, development officer for the Alzheimers Associaton MA/NH Chapter, recognized Jack Conway Realtor as one of the top fundraisers in the 2012 walk. "The Conway team steps up to the plate every year to help us with our cause," said Schiavone. "We are grateful to the walkers and to the company for its continued support."

Participants in the South Shore Walk carried paper flowers in colors that represented the ways in which they were affected by Alzheimer's — yellow for caregivers, blue for patients, and purple for those who have lost a loved one to the disease.

According to statistics from the Alzheimer's Association, one in eight people over age 64 will be stricken with the degenerative brain disease during their lifetime, and over half of those over age 85 will be affected.

State Senate President Therese Murray served as honorary chair of the 2012 South Shore Walk to End Alzheimers. Eight other Massachusetts walks were part of a nationwide effort by the Alzheimer's Association to raise funds for a cure.

David Ellis, a Conway Commercial Realtor, is among the "40 Under 40" award winners recently announced by South Shore Stars, a community-based child care and youth development organization that serves 1,200 children, aged two months to 16.

The group has recognized 40 Southeastern Massachusetts professionals under the age of 40 for outstanding achievements in the public and private sectors, including business, education, medicine, and social services.

Ellis was chosen for his proven track record of success in commercial real estate as well as his extensive community involvement. The award comes on the heels of another recent accolade for the Babson College graduate when he was named the 2012 Ambassador of the Year for the South Shore Chamber of Commerce. Conway CEO Carol Bulman, was "thrilled" to hear of her agents latest achievement.

"The Stars Awards celebrate the South Shore's emerging young leaders," said Bulman. "David has shown his leadership qualities as a Realtor and as an active member of our industry and his community. He is a worthy recipient of this honor."

The "40 under 40" award winners were recognized at an event at Siros Restaurant at Marina Bay in Quincy. The proceeds from the evening will benefit Stars early education and youth development programs.

A Marshfield native, Ellis serves on The Friends of South Shore Hospitals LINKS Committee and on the South Shore Young Professionals Board of Directors. He is actively involved with several trade organizations, including the Greater Boston Real Estate Board, the Commercial Brokers Association and the Real Estate Finance Association.

For all of your commercial real estate needs, contact David Ellis at (617) 640-7581 or email dellis@jackconway.com.

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